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Why opting for a cheap car insurance premium could actually cost you so much more

Opting for more expensive car insurance excess could cost you more in the long run (Image: GETTY)

CAR insurance can be massively expensive and can see a driver paying thousands of pounds for the privilege to drive on the roads in Britain. One quick cost-saving measure could, however, see drivers end up paying more in the long run.

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Cheaper premiums typically have higher excesses and pricier ones will more often than not have a lower excess.

While it may seem like the best option to go for the cheapest cover possible, it could cost you in the long run if you have to make a claim.

The excess amount ultimately comes down to personal preference but you could be losing out by opting for a higher one to save money off your overall premium.

Matt Oliver, from GoCompare car insurance, explained to Express.co.uk how this is the case.

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It could cost you more money if you need to make a claim (Image: GETTY)

He said: “While higher excesses generally result in lower premiums, choosing to pay a higher excess is often down to personal preference.

“Insurance can be one of those things we buy, hoping we’ll never have to use it – so many people are happy to pay a higher excess and take this chance, with the view of hopefully never having to claim.

“However, what people have to weigh up is the affordability of having a higher voluntary excess.

“For example, while you may be saving £100 on the initial premium, could you afford to pay £500 of voluntary excess, with compulsory excess on top of this?

“It’s also worth remembering that if you’re a young or inexperienced driver, your compulsory excess may be higher than a more experienced driver, as you are deemed a higher risk.”